S&P moves Sundyne view to stable

S&P said it revised its outlook for Star UK Midco Ltd. (Sundyne) to stable from positive and affirmed all its ratings, including the B- ratings on Sundyne and its Star US Bidco LLC subsidiary.

Sundyne plans to pay shareholders a dividend that will be funded by through an unrated $105 million second-lien term loan. S&P said the debt-funded distribution will push Sundyne’s adjusted debt to EBITDA to 7x-7.5x pro forma for the next 12 months.

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